The Lending Standard Board (LSB) published an updated version of the Lending Code on 28 September 2015. This edition of the Lending Code includes updates to:
- Remove reference to the Financial Services Authority/Office of Fair Trading.
- Reflect the Financial Conduct Authority’s role as a regulator of the consumer credit market and the application of the Consumer Credit Sourcebook (CONC).
- Include reference to debt collection agencies and debt purchase firms who can now subscribe to the Lending Code in their own right.
- Amend the wording of some provisions contained within section four, Credit Assessment.
- Amend the current provisions on unauthorised credit card transactions.
- Clarify the LSB’s role in monitoring compliance with UK Cards Best Practice Guidelines, where these are applicable to the Lending Code.